An alternator-powered breakerless capacitor discharge ignition system for an alternate firing two-cylinder internal combustion engine, such as an outboard motor, typically includes an alternator having a rotor including permanent magnets and stationarily mounted capacitor charging and trigger coils, capacitors, a control circuit and a pair of ignition coils for the engine spark plugs, each connectible to a respective capacitor for timed firing by means of the control circuit. U.S. Pat. No. 4,160,435, owned by the same assignee as the present application discloses such an ignition system. Such prior art systems employs magnetic circuit arrangements in the alternator which are of such a nature that the time for capacitor charging is relatively long and the trigger pulses for firing the capacitors occur within a relatively wide angular distance of engine crankshaft rotation. As a result, engine timing characteristics at low engine speeds leave much to be desired. Some such prior art systems also permit, under certain circumstances, undesirable reverse rotation of the engine. In addition, electrical wiring and circuitry is more redundant, complex and costly than is desirable.